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currencies in
China was
made
forbidden.
Foreign exchange was
available only for imports in accordance with the state foreign exchange plan or else upon special approvals.
34.
issue foreign
Renminbi for
In April 1980, the Chinese government started to
exchange certificates (FECs) denominated in use by foreign visitors in China. Foreigners
exchange their foreign currencies for FECS. Up to half of
the initial amount of these FECs can be converted back into
foreign currencies if unused at the end of the visit.
35.
China.
enterprises were
As from early 1988,
In November 1985, the first foreign exchange
adjustment centre (swap centre) was established in the
Shenzhen Special Economic Zone.
Similar centres were
subsequently established in nearly all major cities in
Initially only foreign-funded
allowed to use the swap markets.
state-owned enterprises and collective enterprises are also
allowed to buy and sell foreign currencies or foreign
exchange quotas in the swap markets.
transactions are conducted through an auction mechanism
which differs among individual swap centres. In the event,
the swap market rate becomes a key indicator for the
foreign exchange system.
8 April 1991, the official
against the US dollar was
On
exchange rate of the Renminbi
adjusted
The bulk of the
(devalued by 1%) without a public announcement for
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